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Gold Rates In India Drop By Rs 360 Per 10 grams, On Nov 24: What Is The Trend?
Indian gold rates have fallen again by Rs. 350/10 grams today, on November 24. Today in India, 22 carat gold rates are quoted at Rs. 46,630/10 grams and 24 carat gold rates are quoted at Rs. 47,630/10 grams. In Kolkata, gold rates dropped by Rs. 1100/10 grams, while in Chennai and Delhi gold rates dropped around Rs. 360/10 grams. US President Joe Biden recently announced that Jerome Powell will again take hold of the Chairman's office of the US Fed, and since then gold rates are on the verge of falling.
Today the Comex gold December futures gained by 0.30% and were quoted at $1789/oz, while the spot gold prices fell by 0.10%, and were quoted at $1788.9/oz till last traded. Yesterday Comex December gold futures closed at $1783/oz. On the other hand, the US dollar index in the spot market stood at 96.69, gained by 0.18%. Mirroring the same global gold rate trend, in India, the Mumbai MCX gold in October future quoted at Rs. 47,395/10 grams, dropped by 0.08%, till last traded.
Gold rates in different Indian cities are quoted differently, daily. Today's gold rates in major Indian cities follow:
| City | 22 carat (INR/10 Grams) | 24 carat (INR/10 Grams) |
|---|---|---|
| Mumbai | 46,630/- | 47,630/- |
| Delhi | 46,850/- | 51,100/- |
| Bangalore | 44,700/- | 48,760/- |
| Hyderabad | 44,700/- | 48,760/- |
| Chennai | 45,000/- | 49,090/- |
| Kerala | 44,700/- | 48,760/- |
| Kolkata | 47,100/- | 49,800/- |
In India, gold rates have fallen sharply in 2 consecutive days, which is profitable for common buyers in the wedding season, and for investors who are buying digital gold or gold ETFs. Gold demands are expected to pull off higher this last week of November. Being optimistic about gold performance internationally, Kai Hoffmann, CEO of Oreninc told Kitco, "Themes we've been hearing [at the conference] is outflows from crypto into gold. Bitcoin (supply)...is limited and gold is not, meaning that bitcoin may pop. It's very, very volatile. Gold is more stable."
Earlier this month, 2 significant reports about the USA's economy came out, the headline inflation, CPI increased to 6.2%, and the $1 trillion USA infrastructure bill has been signed into law. Since then gold rates started to gain and crossed the $1,860/oz range. However, now the precious metals have fallen, along with the broader equity index. In the global markets, the average gold rate now is at $1780/oz. USA's monetary policy is expected to be the same and investors are anticipating an interest rate hike soon.
(Also read: Indian Gold Rates Fell Significantly By Rs. 1290/ 10 grams, On Nov 23)
